BP is taking steps to strengthen its finances in light of the current “volatile and extremely challenging market conditions,” but the response from analysts and credit rating agency Moody’s was cautious. The UK oil major said it will slash organic capital spending for this year by about a quarter versus prior guidance to $12 billion. It is also targeting $2.5 billion of cash cost savings by the end of 2021 and says it remains on track to announce divestments worth $15 billion by mid-2021.
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